mutual fund
An investment company, legally known as an open-end company, meaning that the fund assets are equally divided among and owned by the investors in the fund and that the fund can issue and redeem shares of the fund at any time. The profit, loss, and expenses of a mutual fund are equally shared across all of its investors. Compare to a closed-end fund.
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net asset value (NAV)
open-end company
Statement of Additional Information (SAI)
equity fund
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